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Editorial
August 12, 1895
Daily Independent
Elko, Elko County, Nevada
What is this article about?
Editorial by Missouri State Treasurer Lon V. Stephens defends the use of silver and gold as currency, arguing that silver has served humanity for 4,000 years, current global supplies are limited, and there's no risk of excess money, only shortage.
Clipping
OCR Quality
98%
Excellent
Full Text
NOT TOO MUCH OF BOTH.
Silver money served the human race for 4,000 years satisfactorily, until John Sherman, President of the First National Bank of New York, became dissatisfied with it. The memory of man runneth not to the contrary.
When silver and gold were not mediums of exchange, going hand in hand, performing the work for which God Almighty intended them. When Abraham bought a grave for his wife he paid for it in silver—the first monetary transaction recorded in history. To-day silver and gold are more necessary to the human race than ever before. The historian, Allison, tells us that when Christ was born there was $1,600,000,000 of silver and gold in circulation in the Roman Empire.
After thousands of years of labor and toil, the inhabitants of all the world have accumulated to this date but about $4,000,000,000 of silver and $4,000,000,000 of gold. They can properly be termed precious metals, as there is precious little of it in sight to-day, compared with our vast population.
All the gold money of the world can be put in a block 22 feet square—can be hidden away in the Rocheport bank building, and if one of you should go into the bank it is likely you would not know that all the gold of the world was there. Do you think it proper that all the debts of our country should be made payable in this little block of gold? Can't you see how easy it is for designing speculators to corner it and enhance its value?
In America we have about $600,000,000 of gold and a like amount of silver. There is no danger of there being too much of either gold or silver. The danger is there not being enough. The silver money of the world could be hid away in some old barn around Rocheport. Did you ever hear of a country having too much money? Did you ever hear of your church having too much of either silver or gold? Have any of you farmers got more than you want? Has your bank got more on deposit and to loan out than it knows what to do with? It is better that there should be too much than too little. If our country has too much, why do we have to sell our securities abroad? No nation on earth to-day has any silver to spare.—Lon V. Stephens, State Treasurer of Missouri.
Silver money served the human race for 4,000 years satisfactorily, until John Sherman, President of the First National Bank of New York, became dissatisfied with it. The memory of man runneth not to the contrary.
When silver and gold were not mediums of exchange, going hand in hand, performing the work for which God Almighty intended them. When Abraham bought a grave for his wife he paid for it in silver—the first monetary transaction recorded in history. To-day silver and gold are more necessary to the human race than ever before. The historian, Allison, tells us that when Christ was born there was $1,600,000,000 of silver and gold in circulation in the Roman Empire.
After thousands of years of labor and toil, the inhabitants of all the world have accumulated to this date but about $4,000,000,000 of silver and $4,000,000,000 of gold. They can properly be termed precious metals, as there is precious little of it in sight to-day, compared with our vast population.
All the gold money of the world can be put in a block 22 feet square—can be hidden away in the Rocheport bank building, and if one of you should go into the bank it is likely you would not know that all the gold of the world was there. Do you think it proper that all the debts of our country should be made payable in this little block of gold? Can't you see how easy it is for designing speculators to corner it and enhance its value?
In America we have about $600,000,000 of gold and a like amount of silver. There is no danger of there being too much of either gold or silver. The danger is there not being enough. The silver money of the world could be hid away in some old barn around Rocheport. Did you ever hear of a country having too much money? Did you ever hear of your church having too much of either silver or gold? Have any of you farmers got more than you want? Has your bank got more on deposit and to loan out than it knows what to do with? It is better that there should be too much than too little. If our country has too much, why do we have to sell our securities abroad? No nation on earth to-day has any silver to spare.—Lon V. Stephens, State Treasurer of Missouri.
What sub-type of article is it?
Economic Policy
What keywords are associated?
Silver Money
Gold Currency
Monetary History
Money Supply
Precious Metals
Speculation Risk
Economic Shortage
What entities or persons were involved?
John Sherman
Allison
Lon V. Stephens
Rocheport Bank
Editorial Details
Primary Topic
Defense Of Silver And Gold Currency
Stance / Tone
Strongly Pro Silver And Gold Money Supply
Key Figures
John Sherman
Allison
Lon V. Stephens
Rocheport Bank
Key Arguments
Silver Served Humanity Satisfactorily For 4,000 Years Until Recent Dissatisfaction
Silver And Gold Intended As Mediums Of Exchange By God
Historical Use: Abraham Paid In Silver; Roman Empire Had $1,600,000,000 In Circulation At Christ's Birth
Global Accumulation: $4,000,000,000 Each Of Silver And Gold
World's Gold Fits In 22 Foot Cube, Hidable In Rocheport Bank
Debts Payable In Small Gold Amount Risks Speculation
U.S. Has $600,000,000 Each Of Gold And Silver; Danger Is Shortage, Not Excess
No Country Or Entity Ever Has Too Much Money
Better Too Much Money Than Too Little; Nations Sell Securities Abroad Due To Shortage